Paradox Of Value Flashcards
1
Q
Value
A
refers to something that has a worth that can be expressed in dollars and cents
2
Q
Utility
A
usefulness of a product
3
Q
Paradox of value
A
this is the situation when the essentials have little value whereas some non-necessities have a much higher value
4
Q
Wealth
A
the sum of tangible economic products that are scarce, useful, and transferable from one person to another, excludes services
